Change: The dirham depreciates against the euro and the dollar

Bank Al-Maghrib (BAM) indicated that during the period from June 23 to 29, the dirham depreciated by 0.61% against the euro and 0.52% against the US dollar. .

In its recent weekly bulletin, BAM specifies that during this period, no auction operation was carried out on the foreign exchange market.

As of June 24, 2022, official reserve assets stood at 342.2 billion dirhams (MMDH), up 0.3% week-on-week and 7.7% year-on-year.

The Central Bank also notes that during the same period, the overall outstanding amount of Bank Al-Maghrib’s interventions amounted to 95 billion dirhams, including 32.9 billion dirhams in the form of 7-day advances on call for tenders, 37 .6 billion dirhams in the form of repurchase agreements, 23.7 billion dirhams under the program to support the financing of the TPME and 900 million dirhams (MDH) under foreign exchange swap operations.

On the interbank market, the average daily volume of trade stood at 3 billion dirhams and the interbank rate stood at an average of 1.50% during this period, the bulletin states, adding that during the call dated June 29 (value date June 30), the Central Bank injected an amount of 47 billion dirhams in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.3%, bringing its underperformance since the start of the year to 9.7%. This change mainly reflects increases in the indices of the “Banks” sectors by 1.2%, “Distributors” by 1.5% and “Insurance” by 2.2%.

On the other hand, those relating to the “oil and gas” and “computer hardware, software and services” sectors fell by 1.7% and 3.1% respectively.

As for the overall volume of trade, it amounted to 1.5 billion dirhams. On the central equity market, the average daily volume amounted to 235.1 MDH against 198.1 MDH.

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